Insurance brokers warn against patronising quacks

The aim was to create awareness and educate the public in a bid to increase insurance penetration.

News Agency of Nigeria • November 14, 2021

NCRIB president, Rotimi Edu and Lagos and trade fair complex

NCRIB president, Rotimi Edu and Lagos and Lagos International Trade Fair

Nigerian Council of Registered Insurance Brokers (NCRIB) has advised Nigerians to patronise only registered insurance brokers for all their underwriting businesses.

The NCRIB president, Rotimi Edu, advised on the sidelines of the NCRIB’s Special Day at the 2021 Lagos International Trade Fair (LITR) in Lagos.

Mr Edu explained that it is to ensure that Nigerians get the best professional advice and go through a seamless process when buying insurance policies and processing claims payments.

He said that professionalism and standards among brokers were non-negotiable, as the council had laid down rules and also facilitated training to improve its members.

According to him, the participation of NCRIB at the fair for the first time was aimed at creating awareness and educating the public in a bid to increase insurance penetration.

“I am happy that we have taken insurance further from where it was and taken it closer to the doorsteps of Nigerians.

“Through the engagement, industry players have shown people a lot of opportunities available in insurance.

“The insurance companies that came to the fair for the exhibition will become conglomerates in a few years to come, depending on their business plan and focus.

“This will transcend into the golden premium for the industry in a few years and contribute to the nation’s Gross Domestic Product (GDP),” he said.

Mr Edu noted that the collaboration between NCRIB and the Lagos Chamber of Commerce and Industry (LCCI) would open up another avenue for business and growth of the industry.

Also, the chairman, Insurance Group, LCCI, Gboyega Olanbiwonnu, said that the collaboration between the council and the LCCI would add value for commerce and industry for Nigerians.

“NCRIB and LCCI are two great brands, having existed for 60 and 150 years respectively,” he said.

He added that the participation of the industry at the fair would deepen insurance penetration, which would, in turn, impact positively on the industry.

The fair was held between November 5 and 14 with the theme “Connecting Businesses, Creating Value.”